Setting Up Annual Fixed Savings Withdrawals for a Checking/Savings Account

There are several ways to withdraw funds from accounts. This article will walk through how to use the savings function in an account with a negative cashflow to create a withdrawal. Below is the step-by-step guide for withdrawing money from a HYSA using the Annual Fixed Savings function, covering three options: Pick Years, Start Years for Rest of Plan, and Start Year for X Years. We will start at the Structured Income Planning landing page. 

Related Articles: Setting Up Annual Fixed Savings Deposits for a Checking/Savings Account, Creating a Checking/Savings Account from the Structured Income Planning Page 

Step 1: Manage: Click on the green manage button within the column for the HYSA account. 

Option A: Pick Years: -$7,000 for years 1 through 5 

Step A1: Annual Fixed Savings: Click on the radio button for Annual Fixed Savings. 

Step A2: Annual Fixed Savings Textbox: Enter the monetary amount. SIPS does not recognize the dollar sign; it only accepts numbers with or without commas. For example: 7,000; 7000; -7,000; or -7000. Use a negative sign (-) at the beginning to indicate a withdrawal amount. 

Step A3: Income Data: Click on Years 1 through 5.

Step A4: Pick Year(s): Click on the green Pick Year(s) button. 

Step A5: Income Data Table: SIPS will automatically populate the phrase 'savings' and the entered dollar amount into the table. 

Step A6: Save: Click the green Save button underneath the Manage Account heading. 

Step A7: HYSA Column: SIPS will automatically take you back to the Structured Income Planning Landing page. Take note of the changes made to the account. 

Option B: Start Years for Rest of Plan: -$7,000 starting in year 8 

Step B1: Annual Fixed Savings: Click on the radio button for Annual Fixed Savings. 

Step B2: Annual Fixed Savings Textbox: Enter the monetary amount. SIPS does not recognize the dollar sign; it only accepts numbers with or without commas. For example: 7,000; 7000; -7,000; or -7000. Use a negative sign (-) at the beginning to indicate a withdrawal amount. 

Step B3: Income Data: Click on Year 8. 

Step B4: Start Years for Rest of Plan: Click on the green Start Years for Rest of Plan button. 

Step B5: Income Data Table: SIPS will automatically populate the phrase 'savings' and the entered dollar amount into the table.

Step B6: Save: Click the green Save button underneath the Manage Account heading. 

Step B7: HYSA Column: SIPS will automatically take you back to the Structured Income Planning Landing page. Take note of the changes made to the account. 

Option C: Start Year for X Years: -$7,000 for 10 years starting at year 3 

Step C1: Annual Fixed Savings: Click on the radio button for Annual Fixed Savings. 

Step C2: Annual Fixed Savings Textbox: Enter the monetary amount. SIPS does not recognize the dollar sign; it only accepts numbers with or without commas. For example: 7,000; 7000; -7,000; or -7000. Use a negative sign (-) at the beginning to indicate a withdrawal amount. 

Step C3: Income Data: Click on Year 3. 

Step C4: Start Year for X Years Text Box: Within the text box for Start Year for X Years, type in how many years you would like the monetary amount to be distributed. 

Step C5: Start Year of X Years: Click on the green Start Year for X Years button.

Step C6: Income Data Table: SIPS will automatically populate the phrase 'savings' and the entered dollar amount into the table. 

Step C7: Save: Click the green Save button underneath the Manage Account heading. 

Step C8: HYSA Column: SIPS will automatically take you back to the Structured Income Planning Landing page. Take note of the changes made to the account.